Are US Banks On Shaky Ground? Stocks Tumble As Fitch Sounds Alarm On Potential Downgrades
Fitch Ratings raised alarms about the looming threat of rating reductions for numerous U.S. banks, with even giants such as JPMorgan Chase & Co. (NYSE: JPM) potentially in the crosshairs.
Chris Wolfe, an analyst at Fitch, highlighted that while the agency lowered its outlook on the banking sector's health in June, it didn't result in immediate downgrades. However, a further dip in the industry's rating from AA- to A+ could prompt Fitch to reassess the ratings of over 70 U.S. banks.
